Rahn Curve :-

(Topic : Economy Snippets)

* It displays the relationship between government spending and GDP growth rate.

* It is an inverted U-shape.

* It suggests that there is a level of government spending that maximises economic growth.

* Initially, the govt spending helps to increase the economic performance, but after exceeding a certain amount of govt spending, govt.taxes and intervention decreases the Economic growth. (That's why the curve is inverted U-shape)

* Empirical studies suggest that the optimum level of govt spending for economic growth  is 15-20% of GDP.

Note --- The above Statements are in particular to the Rahn Curve. ( should not be taken as 'extreme' sentences if asked in prelims, because there are different factors affecting a country's economic growth and low spending doesn't "necessarily" leads to high economic growth )

Rahn Curve 👆

📚Dadni System :-

(Topic : Modern History)

* The Dadni System was a way of business management for the East India Company in the 18th century Bengal.

* The company used to engage local merchants to procure goods from the market on its behalf.

* During the 17th-18th century, the bulk of cotton textiles production was organised on the basis of agreement among the merchants ('dadni' merchants) , merchant-middlemen & weavers, specifying details such as quantity, quality, price and date of delivery.

* A substantial part of the final value of the contact was usually offered in advance to weavers to purchase raw materials and to maintain his family expenditure during the period of production. Advances were made either in cash or in raw material. This system of production organisation is called as the "Dadni" or "contract" or "advance" system.

* The Dadni system constituted a considerable amount of the Company's investment till 1753, after which it was abandoned.

* After 1753, the dadni merchants were replaced by "gomasthas" (paid Indian agents of the Company), who made their purchases under the direct supervision of the Company's European servants.

* it's origin can be perhaps traced back to the ideas of Islamic law.

#Shingskos
---they are wood cravings ✅️

📚Belgaum Session of 1924 :-

(Topic : Modern History)

* The only session to be presided by Mahatma Gandhi.

* Key things that happened during this session. -

a) The Congress endorsed Gandhi's decision to allow the Swaraj Party to carry on work on the legislatures "on behalf of the Congress" and as an "integral" part of the Congress.

b) Gandhiji gave the Swarajists a majority of seats on his Working Committee.

c) So, the mutual trust between the Swarajists and No-changers was "furthered".

d) Gandhiji stressed on the boycott of foreign cloth and prescribed constructive program ( like - removal of untouchability, Hindu-muslim unity, spinning of Khadi ) as the chief means for attainment of Swaraj

#India 🇮🇳 elected to:

➡️ #UN Statistical Commission

➡️ Commission on Narcotic Drugs

➡️Programme Coordinating Board of #UNAIDS by #UnitedNations Economic and Social Council

#Gandhiji broke the salt law when he picked up grains of salt at the end of the #DandiMarch & proclaimed 'With this, I am shaking the foundations of the British Empire'.

🍱🥗🥙Bhojanasala or the dining hall located in the Royal Area of #Hampi in #Karnataka is an incredible example of a rarely seen & heard innovation dating back to the era of the Vijaynagar empire

🅾️The place houses dining plates carved into granite rocks that are known to have been used to serve guests & soldiers.

🔵Fun fact: They produce a musical sound on tapping✅️

🙏♥️Hanuman jayanti

#Universaldiplomat

#powerfultilldate